Consumer credit managers oversee a team of credit analysts, who have the job of evaluating and determining which loan or credit applications are worth taking a risk on and which are not. They must ensure that the bank or financial institution’s credit granting policies are being closely followed, and that no favoritism or discrimination is being perpetuated.
Most managers will have the task of reviewing current applications and the recommendations made by consumer credit analysts. They will not only check to see that the original analyst has not missed anything, but to see if they have provided a fair appraisal of the application’s merits. It is the final responsibility of the consumer credit manager to determine who is worthy of credit and who constitutes a dangerous risk for the institution.
As a manager, there will also be general administrative tasks which must be undertaken. Most managers will have to report on the team’s progress and activities to the other divisions of the bank and bank management, as well as work within the team to promote a work-friendly atmosphere. Mediating in interpersonal disputes and leadership duties may take up a large portion of the manager’s time. Knowing how, what, and when to delegate is a definite asset in a credit manager.
Managers also perform a cursory audit of current credit and loan accounts, to ensure that all are up to date and to issue the appropriate warning to customers whose accounts might be behind or completely delinquent. It will be important for a manager to network with other departments in the bank, making sure work is not being duplicated but that all aspects of applications and audits are completely covered. Consumer credit managers also regulate their department, instituting new policies when there is a need, and overseeing the organization and documentation of every application, approval, and rejection.
Managers are required to have at least five years of experience, preferably in a financial and management position, on top of a related bachelor’s degree. Familiarity with loan policies and risk assessment is also a requirement. An ability to research developments in loan and credit legislation and implement new policies as needed is desirable, as well.